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The “NDA” popularly known as the non disclosure agreement is also commonly understood as trade secret agreement which is a legally binding contract between the parties that requires them to keep certain vital information or commercial secrets confidential from private parties and outsiders.
Simply calling information a trade secret will not make it so. A business must affirmatively behave in a way that proves its desire to keep the information secret. Which means taking precautions over secrecy.
This is where non disclosure agreement plays its role, where an employer or party to contract can make sure that it’s secrets stays non disclosed by giving the company legal recourse against an employee or other party to a contract who wrongfully disclose it.
In today commercial era confidential information such as customer or client list, proprietary technology, pricing information, critical business assets, marketing plans etc. can be leaked or compromise if not handled carefully.
The prime area of exposure or leak is departing employees, who choose to work for rivals. And when confidential information is disclosed in order to negotiate a business deal but such negotiation false apart.
The term of NDA indicates, how long the NDA is to apply for typically the standard use for NDA ranges from one to five years depending upon the nature of transaction or market condition. As an employer or business owner you would want to enforce an NDA for as long as possible to maintain confidentiality.
It is an agreement between software vendor and the end user i.e. enclosed with software in plastic wrap packaging. Once the end user opens the packaging (EULA) end user license agreement is considered to be in effect. There are some concerns about the legality of an agreement that a user cannot examine prior to purchase.
Basically, shrink wrap license or web wrap license can be of two types (a) Click wrap and (b) Browse wrap. These have been immerged to provide the new means to form contract over the internet.
As per Indian contract Act, a contract is an agreement enforceable by law hence, it can thus be observed that the Indian courts have accepted the validity of electronic contracts. However, this is not a blanket acceptance.
This being a click wrap agreement the agreement is wrapped up in the deliberate action of clicking to signify of the terms of contract. Courts generally uphold click wrap agreements as legally binding. You can use them for order forms, contracts, and other types of agreements.
A valid contract is formed by free consent of competent parties for lawful object and consideration. The IT act 2000 has made certain provisions for the validity of the formation of the online contracts, but no specific legislation has been incorporated for the validity of online contracts in India.